glennzo I think I've lost sight of what you want to accomplish. Are we talking about using the yum cached files as a local repo for several computers in the household or is your goal to cache the files and create a repository all on the same computer?.
all on the same pc
no that link did not help to much stuff that i`ve never heard of under "NOKEY warning"
[root@localhost ~]# yum repolist
Loaded plugins: refresh-packagekit
localrepo | 1.2 kB 00:00
repo id repo name status
fedora Fedora 11 - i386 enabled: 13,289
localrepo Fedora 11 - i386 - Local Repository enabled: 119
rpmfusion-free RPM Fusion for Fedora 11 - Free enabled: 377
rpmfusion-free-updates RPM Fusion for Fedora 11 - Free - Updates enabled: 988
updates Fedora 11 - i386 - Updates enabled: 7,432